The maturity profile of Government bonds and EU/IMF Programme facilities for the period 2016-2021 as at end-February 2014 is set out in the table below. Total bonds and EU/IMF programme facilities outstanding stood at €179.2 billion at end-February. EFSM loans are subject to a seven year extension that will bring their weighted average maturity from 12.5 years to 19.5 years; the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates. While the original EFSM maturities are reflected in the table below, it is not expected that Ireland will have to refinance any of its EFSM loans before 2027. EFSF loans have already been extended by seven years and accordingly no EFSF loans fall due for repayment in the period covered by the table below.
On that basis therefore, some €86.3 billion in bonds and Programme facilities is due to mature over the 6 year period 2016-2021.
Year of Maturity
|
Fixed Rate/Amortising Bonds
|
IMF
|
Bilateral
|
Sub-Total excluding EFSM
|
EFSM
|
Total
|
|
€bn
|
€bn
|
€bn
|
€bn
|
€bn
|
€bn
|
2016
|
10.2
|
2.5
|
|
12.7
|
|
12.7
|
2017
|
6.4
|
3.3
|
|
9.7
|
|
9.7
|
2018
|
9.3
|
3.7
|
|
13.0
|
3.9
|
16.9
|
2019
|
14.5
|
3.7
|
1.7
|
19.9
|
|
19.9
|
2020
|
20.9
|
3.7
|
2.4
|
27.1
|
|
27.1
|
2021
|
|
3.1
|
0.7
|
3.9
|
3.0
|
6.9
|
Detailed estimates for general government (GG) interest expenditure covering the period 2013-2016 were last articulated in Budget 2014 and are set out below.
|
GG Interest Expenditure-€m
|
2013
|
7,645
|
2014
|
8,190
|
2015
|
8,755
|
2016
|
9,230
|
The next General Government interest forecasts covering the period 2014-2018 will be contained in the Stability Programme Update to be published in mid-April.